Global stocks fell sharply on rising tension over Russia's military advance into Ukraine and the threat of possible sanctions by Western governments. Treasurys and gold prices rose as investors bought safer assets.

Stocks surged Wednesday, pushing the Dow Jones industrial average up nearly 300 points, after the Federal Reserve decided the U.S. economy was strong enough to withstand a slight reduction in the central bank's extraordinary stimulus program. The Dow and Standard & Poor's 500 index were back at record highs.

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